The Central Bank of Egypt wants to introduce a digital version of the Egyptian pound to reduce costs, local English language news outlet Amwal Al Ghad reported Dec. 16.
Ayman Hussein, sub-governor of the Central Bank of Egypt (CBE), told an Abu Dhabi conference on Sunday that “feasibility studies” were currently ongoing.
In line with various authorities in the vicinity, Egypt believes a blockchain-based digital version of its fiat currency can help keep issuance and transaction costs to a minimum compared to coins and banknotes, Amwal Al Ghad notes.